China’s Monetary Policy Impacts on Money and Stock Markets  

作　　者：Fang Fang 

机构地区：[1]Glasgow University,Glasgow,G12,UK

出　　处：《Proceedings of Business and Economic Studies》2024年第2期46-52,共7页商业经济研究（百图）

摘　　要：This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.

关 键 词：Chinese money market Chinese stocks market Monetary policy Shanghai Interbank Offered Rate(SHIBOR) Vector error correction models 

分 类 号：F82[经济管理—财政学]